CapEx sees “significant” Storent revenue increase

Photo: Storent Holding

Storent Holding has said that record fleet investment in 2024 has resulted in “significant” increases in revenue for 2024, with the company announcing third quarter revenues of €13.5 million (up from €12 million in 2023).

According to Storent, the integration of large-scale investments in the expansion and replacement of its fleet of €22 million for the first nine months of the year saw rental income from own equipment increase by 16%, while EBITDA increased by 16% compared to the third quarter of 2023. 

It said a significant part of investments was spent on lifts, earthmoving equipment, telescopic handlers and generators.

Much of the equipmeny was allocated to what is describes as a “rapidly growing sector focused on constructing wind farms and solar panels,” outside of its existing portfolio of civil construction, road infrastructure, manufacturing facilities, renovation projects, entertainment events, agriculture and the military sector.

The previously announced move from existing ERP systems to new cloud-based systems in all five operating countries has now been completed, it said, and the company will now focus on “more innovative improvements tailored specifically for the needs of Storent team.”

Andris Pavlovs, co-founder and chair of the Board of Storent, said, “The platform is more than just a simple digital tool, it is a comprehensive solution making the rental process quick, intuitive and convenient. As technologies continue to develop, we keep finding new ways to improve our platform.”

Looking ahead, the company said it expects investments in fleet to reach €25 million by the end of the year. In the Baltic region, the company is aiming to focus on the military sector, as well as big construction projects, construction of business parks, Rail Baltica and the construction of wind and solar energy parks.

In the Nordics, it said it will focus on industrial projects and projects for infrastructure development construction of renewable energy parks.